We just had a very interesting weekly candle close. After breaking down below 9K BTC has been consolidating in this 7700-8700 trading range. Even though technically the weekly closed above the support line I've established at around 8250, I don't really give much weight to the exactitude of drawn lines on the chart.
What's really important is the price action itself. In this case, last 2 candles are showing relatively big wicks on the top side, indicating a successful major level of resistance.
Still holding a medium term bearish bias and expecting to break below 7k. A daily close below 8250 will be my trigger to start placing bids.
XBTUSD.P
Market Cap:
$149,864,919,579 USD
17,991,050 BTC
What's really important is the price action itself. In this case, last 2 candles are showing relatively big wicks on the top side, indicating a successful major level of resistance.
Still holding a medium term bearish bias and expecting to break below 7k. A daily close below 8250 will be my trigger to start placing bids.
XBTUSD.P
Market Cap:
$149,864,919,579 USD
17,991,050 BTC
Trade closed: target reached:
I am effectively out of all my BTC short positions because of an unfavorable evolving risk-reward. The upside on the trade is minuscule compared to the risk in giving up all accumulated profits.
This includes short positions from well before the triangle broke down.
This includes short positions from well before the triangle broke down.